Banking

IRDA: ICICI Prudential Life Insurance to take over Sahara Life

The Insurance Regulatory and Development Authority(IRDA) has instructed ICICI Prudential Life Insurance to take over the life insurance business portfolio of Sahara India Life Insurance from 31st July 2017. On June 23, it has asked Sahara life to stop issuing policies.

IRDA in a notice said, “Order is binding on all persons concerned, and shall have an effect not withstanding anything in the memorandum or articles of association of Sahara India Life Insurance”.

The regulator had raised concerns over the management of Sahara India Life Insurance. Due to which, last month, it had written to six insurance companies including ICICI Prudential Life, SBI Life, Bajaj Allianz Life, HDFC Life and Kotak Life to take over policyholders assets and liabilities of Sahara Life. Among all, ICICI Prudential Life has expressed its interest in taking over the policyholders’ assets and liabilities of Sahara Life.

The policyholder’s liability of Sahara Life is about ₹900crore, which is less than 1% of ICICI Prudential Life balance sheet.

Bharat

Recent Posts

ISA aiming for balancing Solar Energy on the planet, sets $1 billion investment target by 2030

International Solar Alliance (ISA), headquartered in Gurugram, is a brainchild of India since 2015, in…

6 hours ago

The Lancet study suggests 15% grown heat stress over India, additional mortality exposed after the Pandemic

Heat spells, increasing temperatures, unexpected heavy showers, floods etc. have become a new reality for…

19 hours ago

BMW 5 Series Carbon Edition Rolls Out At INR 66.30 Lakhs, Better Than Audi A6?

Such gimmicks are normal around the festive season and there's definitely a reason behind it.…

19 hours ago

Google To Reduce Play Store Fee For All Subscription Services From 30% to 15%

Google has decided to reduce its app store fees for all subscription-based services to 15…

22 hours ago

Walmart to allow customers purchase bitcoin through Coinstar kiosks

Walmart Inc (WMT.N) announced on Thursday a program that would allow customers to purchase Bitcoin…

22 hours ago

Trident Limited Posts Its Quarterly Earnings Report, Stock Climbs

Trident Limited, the renowned manufacturer of Yarn Bath Linen Bed Linen Wheat Straw-based Paper Chemicals…

22 hours ago